In some good news for those who are negotiating settlements following a catastrophic injury, the Lord Chancellor has today announced a change in the discount rate used by the Courts to calculate personal injury settlements. This is the first time the rate has been changed since 2001.
From 20th March 2017 the discount rate used to calculate future losses will change from 2.5% to -0.75%. The Lord Chancellor, Liz Truss, has introduced the change in order to achieve a more appropriate level of compensation for those who have suffered a catastrophic personal injury through no fault of their own. It will only affect cases with a substantial element of future loss. Today’s statement by the Lord Chancellor to the Stock Exchange can be read here.
The Association of Personal Injury Lawyers have issued a statement and comment that this decision marks a long overdue turning point towards treating injured people fairly and with understanding. It is not only the right thing to do, it takes the cost of caring for people away from the taxpayer and puts it squarely where it should be – with the person who caused the needless injury.”
By Emma Truin, Head of Personal Injury. Contact Emma on 01223 417241 or e.truin@barrellison.co.uk
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